BMI View: We remain cautious about South Korea's economic growth trajectory, despite stronger than expected growth in 2013 (buoyed mainly by the manufacturing and construction sectors). While we do not discount further upside for the rest of 2013 (and have revised our forecasts up to 2.5%), we remain less sanguine towards Korea's economic trajectory in 2014. Korean trade momentum is likely to face continuing headwinds from China. Domestically, the construction rebound that we have witnessed this year is unlikely to extend into 2014 as the property market remains dormant while household debt will continue to crimp spending by the Korean consumer. Taking these factors into consideration, we are happy to maintain our below-consensus real GDP growth forecast of 3.0% for Korea in 2014..